MARCVENTURES Mining and Development Corp. reported a net income of P530 million last year, or more than three times the figure a year earlier, on the back of higher nickel ore shipments.
The mining firm, which is a wholly owned subsidiary of listed firm Marcventures Holdings, Inc., said in a statement that its gross revenues last year increased 100.8% to P2.87 billion against P1.43 billion the year earlier.
“Nickel ore shipments increased by 21.2%, from 1.42 million wet metric tons (WMT) in 2019 to 1.732 million WMT of saprolite ore in 2020 reflecting a leap to 32 shipments in 2020 from the 26 vessels in 2019,” the company said in the statement.
For the year, Marcventures Mining said it is eyeing to ship 2.035 million WMT of saprolite and limonite ore, adding that it will be supported by the allotment of a P27.64-million capital expenditure budget.
Meanwhile, the company said it remains committed in its efforts to preserve the environment and to help its host communities.
“The company continues to provide livelihood opportunities, educational and health assistance to all 42 communities in the municipalities Cantillan, Carrascal and Madrid, in Surigao del Sur,” the company said.
On Tuesday, shares of Marcventures Holdings, Inc. — the parent company of Marcventures Mining — fell 0.78% or one centavo to end at P1.28 apiece. — Revin Mikhael D. Ochave
